自從1958年Modigliani和Miller提出資本結構無關論之後，資本結構議題已被廣泛研究，隨後並陸續提出諸如靜態抵換理論、融資順位理論等。此外，學者們也紛紛著手探討造成資本結構差異的因素為何。然而，這方面的研究多半著重於 (1)同一國家內，造成本國及跨國企業資本結構差異的因素；(2)同一或不同國家間，造成所有廠商資本結構差異的因素。
然而對台灣來說，「集團企業」是本國相當重要的商業特色。根據中華徵信所的研究調查發現，2004年本國集團企業總營收佔台灣GDP比重高達137%，相較於政府部門營收卻只佔18%。由此可知，集團企業在台灣扮演著相當重要的角色。
有鑑於此，本研究欲探討台灣的關鍵產業─電子業，其集團企業及非集團企業資本結構的差異，以及造成此差異的因素為何。期望此研究能提供台灣電子業廠商未來欲形成集團企業作參考。
本研究採用OLS分別進行共線性定、鳥巢檢定及自我相關檢定，其研究結果如下：
(1) 集團企業負債比率顯著大於非集團企業
(2) 在集團企業及非集團企業中，公司的非負債稅盾越高，負債比率也越高。
(3) 在集團企業及非集團企業中，公司的獲利能力越高，負債比率越低。
(4) 在集團企業及非集團企業中，公司的成長機會越多，負債比率越高。
(5) 在集團企業中，公司的資產抵押價值越高，負債比率越低；然而非集團企業的結果則相反。
(6) 在集團企業中，子公司數目越多，負債比率越低。
(7) 在成長機率提高的情況下，集團企業的負債比率大於非集團企業。

The issue of capital structure has become a popular topic after Modigliani and Miller’s (1958) capital structure irrelevance theory was proposed. Later on, the trade-off theory and the pecking order theory were brought up sequentially. Additionally, more and more scholars tried to investigate the determinants of capital structure. Most of the studies can be divided into two parts: (1) the comparison between multinational corporations (MNCs) and domestic corporations (DCs) in one nation (2) examination from one or more countries without distinguishing MNCs from DCs.
However, business groups play an important role in Taiwan’s business environment. When comparing the annual revenues of the top 100 business groups using the yearly GNP, the ratio of revenues of business groups to GNP reached 137.57% in 2004 according to the China Credit Information Service (CCIS). Therefore, this study intends to examine not only the differences but also the determinants of capital structure between business and non-business groups, using data from Taiwan’s electronics industry.
We performed the Multicollinearity Test, the Nested Hypothesis Test and the Autocorrelation Test by OLS. The empirical results are as follows:
(1) Business group firms leverage more than non-business group firms.
(2) Firms with higher non-debt tax shields leverage more in both of the two groups.
(3) Firms with higher profitability leverage less in both of the two groups.
(4) Firms with more growth opportunities leverage more in both of the two groups.
(5) Firms with higher collateral value of assets leverage less in business group firms, while they leverage more in non-business group firms.
(6) The larger the number of subsidiaries, the lower the debt ratio in business groups.
(7) Firms with more growth opportunities leverage more in business groups than in non-business groups.

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